Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

House price bores this way, please...

258 replies

southutsire · 13/09/2007 16:51

If you would like to discuss and pointlessly speculate about the housing market, please post here, so that I don't ruin dinner parties and every conversation I have in RL by boring everyone to death on the subject.

What do you think will happen in the next months and why?

OP posts:
Original poster
southutsire · 13/09/2007 16:54

I am a prospective first time buyer... started looking in early spring. I have no idea what is going to happen but have noticed a distinct change in the area I'm looking in, over the past 3 months-ish, in terms of houses staying on the market, prices gradually dropping, estate agents seeming a bit desperate, etc. I was convinced back in Feb that things were just going to carry on rising, hence deciding to go for it, but I think I am going to hold back now and see what happens.

OP posts:
LIZS · 13/09/2007 16:55

Good property at realistic prices is still selling quickly. A few doors down from us went under offer within 2 weeks as did another in a local village. Property over 550k is proving slower around here.

Sunshinemummy · 13/09/2007 16:58

Prices here (SW London) seem to have stopped rising as quickly as they were but defnitely not falling. I would imagine my house is worth pretty much the same as it was when I bought it in May, but summer is always slow apparently.

Original poster
southutsire · 13/09/2007 17:32

Yes, no doubt realistically priced houses will always sell... although the market decides what's realistic and that changes. It seems to be all about sentiment and that can be volatile.
This whole credit/mortgage crisis is a bit worrying. As a FTB I suppose it's not a bad thing but I worry it will have much wider repercussions for the economy, which won't be good for anyone.

OP posts:
LIZS · 13/09/2007 18:05

The one along the road has increased by 50% approx since 1993

MadLabOwner · 13/09/2007 18:10

IMO, houses that are well located and nice inside sell within a week of being on the market. Houses that have "issues" including pricing/roads/small garden etc are hanging around longer.

We sold our house at the beginning of the year and have been looking since then. Have missed out on lovely cottages in villages just because we weren't quick enough to look at them, and they were just selling immediately ans still are. Have finally found one, paid asking price, don't expect to lose money on it as it is (a) lovely (b) in great location with no roads etc close by and (c) we can extend if we want to.

LIZS · 13/09/2007 18:12

That one is on a main road with limited off street parking for 2 cars maybe just ...

Original poster
southutsire · 13/09/2007 18:15

Do you mean since 2003? I imagine most of that increase will have been in the last 5 years. That's actually not very much when you look at what's happened in most of the market!

OP posts:
LIZS · 13/09/2007 18:16

sorry yes I do .

Original poster
southutsire · 13/09/2007 18:20

Where is that MadLO? I'm looking in SE London/NW Kent borders. One lovely house we looked at started at 475k, went to 449k (which is when we viewed it) and estate agent rang us last week to ask if we'd be interested at a lower price. After a lot of dancing around it transpired she was thinking of 425k. It's now sold (presumably at that level) after 6 months on the market. Have just noticed that another house we viewed at 454k is now on at 430k. We saw it in Feb. There seems to be a lot of regional variation!

OP posts:
Original poster
southutsire · 13/09/2007 18:21

these are 4-beds btw

OP posts:
WideWebWitch · 13/09/2007 20:48

Oooh, ooh ooh. WELL, banks are getting nervous, look at www.fool.co.uk/news/property-home/mortgages/2007/09/12/mortgage-rates-rise-as-banks-struggle. aspx?site=UKFool his

WideWebWitch · 13/09/2007 20:48

Oh pants, this

WideWebWitch · 13/09/2007 20:50

We're waiting.
Estate agents are chasing me
Vendors have dropped their prices where we are
I am seeing the same house in the paper again and again

I'm hanging on until next year because
a) we'll have saved a larger deposit therefore lower risk
b) we'll see what happens with the market
c) and int rates and bank behaviour

have you seen propertysnake? Excelllent site

WideWebWitch · 13/09/2007 20:51

Southutsire, fab, I love a good house price bore thread!

SenoraPostrophe · 13/09/2007 20:53

lol at this thread title.

grauniad today says house prices going down slightly everywhere except London.

which is nice. perhaps we'll save up faster than they go up.

DaphneHarvey · 13/09/2007 21:00

OP - if you are FTB and looking to be a home owner for 40 or 50 years (?) am guessing at your age, and can settle in a house that you want to be in for 10 years or so (and if you're looking at 4 bed houses, then I'd guess you're thinking of staying put for a while) then buy now. What are you hoping for? that prices will drop and you can save yourself £20,000 or so? In the long term all these figures are meaningless. The value of your house will go up in time. No matter what happens in the short term.

newgirl · 13/09/2007 21:07

good family houses in key areas in my town continue to rise, and sell within a week or two

slightly stranger or overpriced houses are not selling

WideWebWitch · 13/09/2007 21:29

Oooh, ooh, look, latest from RICS

Hideehi · 13/09/2007 21:31

Here prices have dropped by 3% ish
Personally i would buy a house you like at a price you consider fair that will be your home for at least 5 years, if not rent because all the costs, stamp duty etc will swallow any savings. I don't see things rising in the next 5 years any faster than 5/6% which any high street bank will give you tax free on your savings(deposit).

SenoraPostrophe · 13/09/2007 21:35

hideehi - that's not the right sum though. even if you get 6% on your savings and house prices also go up by "only" 6%, you'll still have to get a 6/12/19/26% bigger mortgage in 1/2/3/4 years' time - and wages aren't going up that fast.

god, it's depressing.

Original poster
southutsire · 13/09/2007 21:35

daphneharvey - lol, I read somewhere that a long-term investment is a short-term investment that went wrong.... But seriously, I see what you are saying. However I am starting to wonder if the drops we are seeing may be far more than 20 grand. If I see a house that I LOVE, can see myself in for 10 years, and that I can easily afford, I agree with you - I'd go for it. However, I've yet to see one of those. Hence hanging on. I'd feel pretty miffed if I overstretched myself financially just to 'settle' for something at the top of the market.
An interesting fact: our rent is one third of what we would be paying on a mortgage for the house we're living in (not that we could afford to buy it).

OP posts:
Original poster
southutsire · 13/09/2007 21:39

www - I am liking your links!

Propertysnake is my very favourite site at the moment in the whole wide world.

OP posts:
shreddies · 13/09/2007 21:46

I love property snake too - am in much the same boat as you (and looking in pretty much the same area ) - love seeing where things are going down... and completely agree, if you find the dream house go for it, but how galling to find yourself somewhere that wasn't quite right while all around you prices tumble

WideWebWitch · 13/09/2007 22:06

SU, our rent is less than half what a mortgage would be. Fwiw, a house we quite liked but not enough has just gone down by £45k.

Swipe left for the next trending thread